JUST IN: 20,000 blocks remain until Bitcoin halving
Source: Watcher Guru
Saudi Arabia said on Tuesday it will offer tax incentives for foreign companies that locate their regional headquarters in the kingdom, including a 30-year exemption for corporate income tax
Link to Khaleej Times article: https://lnkd.in/e-zD_D-D
As highlighted by The Kobeissi Letter, options markets are suggesting that Bitcoin will hit $50,000 by January
This also happens to be the same month that Bitcoin ETF approvals are expected. Open interest for Bitcoin $50,000 strike calls is massive, as displayed below. A move to $50,000 would put Bitcoin up more than 200% from its low. Options are suggesting the run is only just beginning. Can Bitcoin continue to thrive after ETF approvals? Source: The Kobeissi Letter
The ADP jobs report shows that the US labor market is cooling
U.S. firms scaled back hiring in November. Adding only 103k private payrolls compared 130k expected, according to ADP. Job cuts were seen in manufacturing, construction, and leisure/hospitality sectors. ADP’s report is based on payroll data covering +25 million US private-sector employees. Source: Genevieve Roch-Decter, CFA, Bloomberg
The race for AI dominance in one graph 👇🏼
GPU Shipments
BREAKING: Crude oil prices drop below $70/barrel for the first time since July 2023
Since the September 28th high, oil prices are now down ~27%. Meanwhile, the national average gas price is down for 10-straight weeks to $3.25/gallon. Even as OPEC+ agreed to additional supply cuts last week, oil markets are selling off. A welcomed development for global liquidity, for inflation and for the Fed. Source: The Kobeissi Letter
Most of this year's Dax rally is driven by higher EPS expectations, not P/E expansion. Dax has gained 18% year-to-date while Dax P/E has expanded only 6% from 11.5 to 12.2
Source: Bloomberg, HolgerZ
Leadership
Source: European leadership
